VUL: Have you heard of the following features in a no-load product before?
March 29, 2022 by Sheryl Moore
I just sat on a call the other day, learning about a new fee-based life insurance product that Nationwide has rolled out.
Given that I am a relatively new learner when it comes to the fee-based market, I wanted to ask all of you if you have heard of the following features in a no-load product before:
– VUL with the cost of the life insurance protection isolated from the investment in the separate account;
– No sales loads or surrender charges;
– Advisory fees can be taken from the policy;
– Platform for managing the money in the separate account;
– Advisors do not have to be insurance licensed to manage the money inside the policy (product must be sold by life licensed registered rep though);
and
– Illustrations that clearly indicate the amount needed to pay for the death benefit protection, separate from the other policy values on the VUL.
Is this new? I feel like this is different, but I have only been aware of two other fee-based life insurance contracts before. This seems like a game-changer, in terms of getting advisors to sell life insurance? Am I off?
Can products like this move the needle, when it comes to getting advisors to consider the life insurance industry as a source of value for their clients?
Let’s talk. Join in the conversation HERE.
